OR WAIT null SECS
Amoun, Egypt's largest drugmaker, will be sold to Valeant for $800 million.
Valeant announced on July 17, 2015 that it will buy Amoun Pharmaceutical, the largest domestic company in the Egyptian pharmaceutical market. According to a Valeant press release, Amoun is expected to reach EGP 1.75 billion (approximately $224 million) by 2015 and has an annual growth of approximately 20%.
Amoun is said to have one of the largest manufacturing facilities in Africa and the Middle East and produces pharmaceutical brands in therapeutic areas such as antihypertensives, antibiotics, and antidiarrheals. Amoun currently has more than 30 new products at various stages of registration in the pipeline. For Valeant, the deal will "serve as a platform for further expansion in the broader Middle East and North Africa pharmaceutical market," states the Valeant release. The announcement follows Valeant’s acquisition of Salix in early 2015.
Amoun’s private equity owners have been searching for potential buyers since 2006. In March 2015, Amoun hired Goldman Sachs to help find potential buyers after previous efforts failed.